please answer it.make income and expenditure account and closing balance sheet
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STEP 1: Prepare Opening Balance Sheet
STEP 2: Examine the ‘Receipts Side’ of the Receipts and Payments Account and Identify the Revenue Receipts and Capital Receipts.
STEP 3: Examine the ‘Payments Side’ of the Receipts and Payments Account and identify the Revenue Payments and Capital Payments.
STEP 4: Examine the Additional Information
STEP 5: Ascertain the ‘Surplus’ or ‘Deficit’
STEP 6: Prepare Closing Balance Sheet of the Current Year
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